The indefinite lockdown due to the continuing spread of COVID-19 has been frustrating. With negative news all around and limited access to entertainment avenues, consumers are slowly turning to over-the-top (OTT) platforms.
80% of Indian consumers have stated that they plan to invest more than they usually do, on at-home–entertainment. Similar intent to spend as much or more, is seen across countries such as the United Kingdom (88%), France (82%), Spain (86%) and UAE (74%). For more info, refer to the graphs below.
Source: McKinsey Survey: Spanish consumer sentiment during the coronavirus crisis
United Arab Emirates
Source: McKinsey Survey: Emirati consumer sentiment during the coronavirus crisis
The changing OTT landscape
The growing popularity of OTT platforms across countries is visible through increased traffic to sites such as Netflix, Hulu, Xfinity, Prime Video, and Disney plus. All these platforms have seen an average spike of 15% from January-February-March to April-May-June, globally.
In India, Netflix had the most traffic between April to June (350 million visits), followed by Amazon Prime (219 million visits) and Hotstar (167 million visits). As far as the rest of the world goes, Netflix is the frontrunner. In the United Kingdom alone, Netflix had 483 million site visits between April and June, whereas Dailymotion registered just 192.9 million site visits during the same period
The below table shows the top 3 most popular OTTs (in terms of traffic) across different markets, between April and June:
OTT and personalization
Not only has traffic to OTT sites increased, the average time spent on them has seen a spike too. A study conducted by Ernst & Young stated that 61% of Indian consumers are streaming more content now than before the lockdown. The time spent on OTT sites saw a massive surge from 1.2 hours per user every week to an average of 4.2 hours per user every week.
Relevance is everything
The increasing popularity and relevance of OTT platforms in today’s post-COVID world is evident. This might be the right time for banks to target consumers with personalized offers from OTT platforms, to positively impact customer engagement.
There is more than one way in which banks can stay relevant to their customers, and personalized offers are just the tip of the iceberg. At Crayon Data, several of our banking clients request for help, on how to be more relevant to their customers’ changing needs. Keeping that in mind, we’ve come up with an exhaustive framework to measure how relevant banks are right now, and how they can increase their relevance quotient.
Get started now! Learn more about how banks can stay revelant.